Results 11,121-11,140 of 15,555 for speaker:Eoghan Murphy

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: That's correct, yes, and it's the paragraph at the bottom of the page, the large paragraph.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Yes.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: And there's ... an international review of the-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: An international viewpoint is provided, sorry, at the meeting, about risks ... significant capital risks facing the banks and potential for significant loan losses.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Do you remember that discussion?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay, but, you know, who might be providing the international viewpoint at that meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. Can we just drop down, just to the final sentence, because that states that the Financial Regulator "reported a detailed line-by-line examination of its loan book by one of the major Irish banks which highlighted that even allowing for 'worst-case' loan losses, profitability would remain strong". You made that point.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. Is it possible to identify which institution you had-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay, well, I mean, how did that information come to you and did you verify it?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: And, so ... sorry, were you then expressing that view depending on what the rating agencies were saying?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay, but not feedback-----

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Thank you, Chair. Not feedback that you, as Financial Regulator, would have verified before bringing it to the domestic standing group, to overrule a point made by someone else as to the international viewpoint on significant loan losses, potentially, in the Irish banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: So, it wasn't a decision?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Thank you, Chair.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Thank you, Chairman. And thank you, Mr. Horan. I just ... to conclude, I want to look at one document, if I may, and it's in Vol. 2 of your booklet, page 127.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: This is a meeting on 26 September, so it's the Friday before the guarantee. And at this meeting, three representatives from Merrill Lynch are making a presentation to five others, including the Minister, and including yourself.

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Is this the domestic standing group meeting?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: This meeting continued on the Sunday, the day before the night of the guarantee. Were you at the meeting on the Sunday?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: You were. Okay. And just on the second last paragraph on that page, it says, "On a blanket guarantee for all banks - ML felt could be a mistake and hit national rating and allow poorer banks to continue." What was the reaction to that? And was there any discussion at that point in time about partial guarantee, either for five banks or for four banks?

Committee of Inquiry into the Banking Crisis: Nexus Phase (27 May 2015)

Eoghan Murphy: Okay. And when that discussion continued, the possibility of a five-bank or a four-bank guarantee, was that discussion held, given what was stated there at that meeting on a blanket guarantee?